Organize Your Affairs – Storing Your Estate Planning Documents

Kristen R. Testaverde, Esq.  krtestaverde@gmail.com

Creating your estate plan took both time and effort.  You now feel secure, knowing that your desires for the future are laid out for both you and your family.  Your next step is to protect these documents.  You need to store them safely so that they may be protected from loss or damage, but also easily accessible.

Clients often ask where they should store their documents.  While the decision is ultimately up to you, below are a few recommendations about where (and where not) to store your documents:

Safe Deposit Box:  Many clients initially seek to store their documents in their safe deposit box.  While a safe deposit box is a great place to keep many important and precious items, I do not recommend your will or other estate planning documents be one of them.  In order to access your safe deposit box, the named individual (executor/personal representative in the event of your death, or power of attorney in the event of your incapacity) will need the power expressed in those documents to access your safe deposit box unless they are named on the box itself.  While some banks may keep a record that your will is in the safe deposit box and allow access for that one item, it is often not worth the hassle or risk.

With Your Attorney:  Some attorneys’ offices will hold estate planning documents in a fireproof safe for their clients.  First, you should note that this does not mean your lawyer is responsible for keeping your documents updated or keeping you in tune with the law.  Second, if the firm is small, you run the risk of the practice ending.  If you do not keep up with your attorney, your loved ones may end up searching for a firm that no longer exists. 

At Home:  Keeping your documents at home is likely your best bet – provided you keep them safely there.  These documents should be protected from loss or destruction – which can include anything from fires to pets to simply misplacing the items.  My personal recommendation is a fireproof box to store your important documents.  It is safe, reliable, and often stationary.

Once you decide to store your documents in a safe place, make sure another trustworthy individual knows not only that you have created these documents, but where they can locate them (for example, your Personal Representative or Power of Attorney).  A time of your death or incapacity can be an extremely difficult one for loved ones.  Help them make this process slightly easier by keeping your documents safe and organized. 

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